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That commitment by the world's largest oil producer may help to temper oil-price increases, but analysts said it is certain to be challenged by Iran and other members of the Organization of the Petroleum Exporting Countries as a violation of the cartel's current limits on oil production.

The head of OPEC has warned that a decision by President Donald Trump to abandon the Iran nuclear deal would harm the global economy.

It would be hard to replace Iranian oil given the "commercial terms" offered by Tehran, he said.

PARIS - France's finance minister says European countries should push back harder against the Trump administration over the Iran nuclear deal and not act as "vassals" to the U.S.

Mnuchin said that the new sanctions would allow countries doing business with Iran to wind down those activities in either 90 or 180 days, depending on the type of products being sanctioned.

The statement said: 'We encourage Iran to show restraint in response to the U.S. decision'.

Mnuchin declined to spell out what the administration would consider as a "significant reduction" in purchases of Iranian oil.

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"Europe and China will not fight against the USA sanctions". Israel said that a barrage of missiles was sacked at its Golan Heights by Iranian forces following weeks of tensions.

By 0823 GMT, the pan-European STOXX 600 had risen almost 0.2 percent to fresh three-month highs, while higher crude prices helped the commodity-stocks-heavy FTSE index.FTSE gain 0.4 percent.

Several refiners in Asia said on Wednesday they were seeking alternatives to Iranian supplies. Looming over markets is surging USA output, which has soared by more than a quarter in the last two years, to 10.62 million barrels per day.

"It is clear to me that we can not prevent an Iranian nuclear bomb under the decaying and rotten structure of the current agreement.The Iran deal is defective at its core".

At 12:27 p.m. EDT on Thursday, oil prices were flat on the day, with Brent Crude at $77.17 and WTI Crude at $71.14.

Indo-Iran ties have been on a upswing after Tehran sealed the nuclear deal with the worldwide community in 2015. Even so, the US's closest allies still seem to be very much in the dark on what he'll decide.

"In short, the micro drivers of the oil market remain positive, as long as global demand does not suffer from the ongoing threats of trade wars and policy uncertainty", Blanch said.